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Mar 25 2020

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Credit Line Increase FAQ

Credit line increase questions

Eligibility (2)

Some accounts aren’t eligible for increased credit lines upon request. Accounts that are usually ineligible:

What factors determine if I’m eligible for a credit line increase?

Credit line increase requests (9)

You’ll need to provide your total annual income, employment status and monthly mortgage or rent payment. If you’re applying for a credit line increase for your Spark business credit card, you’ll need to provide your total annual income.

What will you do with my information?

We will use the information you submit to process your request for a credit line increase, and we may use it to review and service your account in the future.

Why do I have to submit my employment status, income and monthly housing payment to request a credit line increase?

Federal regulations require us to verify that each customer meets certain requirements for credit line increase offers. The information you provide when requesting a credit line increase helps us understand your financial situation so that we can make a responsible decision.

I’m not sure how to answer the question about income. Can you help?

Here’s how to think about what to include:

I’m not sure how to answer the question about employment. Can you help?

For employment status, choose employed, self-employed, retired, unemployed, student or other–whichever is most accurate:

  • Employed: You work full or part time for a company or business you don’t own.
  • Self-Employed: You own a business where you work full-time or part-time.
  • Unemployed: You aren’t currently employed full-time or part-time and don’t own a business, even if you’re collecting unemployment benefits or public assistance.
  • Retired: You no longer work full-time or part-time, but currently have a source of income or are living off of savings or other retirement benefits.
  • Student: You’re enrolled in classes full time (even if you have a full-time job).
  • Other: None of the above apply, or you’re unemployed but do have regular access to income from somebody else.

If somebody else pays my expenses, can I include that in my income amount?

Yes, as long as you are at least 21 years old and that income is regularly used to pay your expenses. If you are under 21 years old, you may only include your own income or income from somebody else if it’s regularly deposited into your bank account or into an account that you share with this person.

I’m not sure how to answer the question about my rent or mortgage. Can you help?

For your monthly rent or mortgage payment, please enter the amount you pay to your mortgage company or the amount you’re required to pay according to your rental agreement. You don’t need to include other housing-related expenses that aren’t included in your monthly mortgage or rental payment. If you don’t have a monthly mortgage or rent payment, you can enter $0.

I’m not sure how to answer the question about how much I (or my small business) spend using credit cards each month. Can you help?

Estimate the total amount spent by your business with all your credit cards in an average month. Do not include debit card spending.

I’m not sure how to answer the question about my business’s annual revenue. Can you help?

For your business’s annual revenue, please provide your total revenue for the most recent fiscal year. Please don’t provide profit only, but rather your total revenue.

Approved Requests (6)

If you’re approved for an increase, it will be for the highest amount we can offer you. If you make your request online and want a lower amount, you’ll be able to tell us the amount you would like before accepting the increase.

What will happen when I submit my request?

When you submit your request, we’ll review your information. In many cases, we can approve credit line increases immediately. However, we sometimes need to review certain information to make a decision, and that may take a few days. If you’ve signed up for paperless documents, you’ll receive a letter in the Online Document Center 3 to 5 days after requesting a credit line increase. If you haven’t signed up for paperless documents, you’ll receive a letter by mail within 7 to 10 days of your request.

Why did I receive a letter requesting additional information when I requested a credit line increase?

When we receive credit line increase requests, we sometimes need to verify certain information, like your income. In those instances, we’ll send a letter that explains what items we need from you. Please be sure that your reference number is on the documents when you return them.

I have faxed back the requested information. How long after my information has been received will a decision be made?

We’ll start reviewing your documents once we receive them and will do our best to get a decision to you within a few days, but it could take 7 to 10 days for the review to be completed.

When will my new credit line be available?

If approved, your new credit line is available immediately.

Can I request a credit line increase for a different Capital One credit card account?

Yes, if you are signed into your account, you can request a credit line increase online by choosing the Request Credit Line Increase link from the Services tab. If you haven’t enrolled in online servicing yet, just click the Enroll Here link on our homepage.

Declined requests (7)

You may request a credit line increase anytime you like. However, we can’t guarantee that you’ll be approved in the future, even if you address the decline reasons listed in the letter we sent.

What can I do to have a better chance of being approved for a credit line increase in the future?

While we can’t guarantee a future credit line increase, there are some things you can do to improve your chances:

The letter I received shows the reasons why I wasn’t approved for a credit line increase. If I fix the reasons shown in my letter, will I be approved for an increase?

The reasons in your letter were factors used to determine your eligibility for a credit line increase, so fixing them may increase your chances for a future increase. We can’t guarantee approval, but you’re welcome to request an increase anytime. Requesting a credit line increase from Capital One doesn’t impact your credit score.

What are the most common reasons credit line increase requests are declined?

If your letter says:

What that means

What you can do

Your Capital One account is too new. To determine if an account qualifies for more credit we need a customer to have a history of making on-time payments for at least 3 months. If you are enrolled in our credit steps program, don’t worry. Just use your card and make your first 5 payments of at least the minimum payment amount on-time, and you will still receive your Credit Steps line increase. Request a credit line increase after your account has been open for at least 12 months. As you set up your account be sure to sign up for AutoPay and customized alerts to help you keep payments on time every time. Use CreditWise ® from Capital One to help monitor you credit score.
There has recently been a change to the credit line on this account. We generally don’t change an account’s credit line more often than every six months. Please wait six months after your last credit line change and then check back with us regarding a credit line increase.
This Capital One account was recently past due. You recently either missed a payment or made a late payment on your account. Generally, we don’t approve credit line increase requests on accounts that have missed or made a late payment in the last 12 months. The longer your account was past due, the longer you need to wait to be eligible to receive a credit line increase. Maintaining a history of paying on time and paying substantially more than your monthly minimum due may improve your chances of getting a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.
Your average monthly payment has been too low. You’re carrying a balance and not making large enough monthly payments to qualify for a credit line increase. Both the payment history and the amount of your payments help us to determine if your account qualifies for a credit line increase. Generally if you make substantially more than your minimum monthly payment on time for three months you can reapply for a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.
Recent usage of this account’s existing credit line has been too low In general, customers who are most often approved for credit line increases tend to use more of their credit line, either by spending and paying off the card each month or by keeping a balance on the account and paying it over a period of time. If you plan to use your card more, make sure you use your card responsibly. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. You can also use CreditWise ® from Capital One to help monitor your credit score.
The credit reporting agency has reported a recent credit delinquency. Your credit report shows you’ve recently paid one or more creditors late. Generally, we don’t approve requests for credit line increases on accounts that have had late payments in the last 12 months. Make sure you’re paying all of your creditors on time. If you have questions about what’s on your credit bureau report, contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.
Your current credit score is too low. Please see the back of this letter for determining factors. Based on the information reported to us by the credit bureaus, your current credit score is too low to qualify for a credit line increase upon request. The back of the letter we sent you shows the key factors, according to the credit bureau, that negatively affected your credit score. If you have questions about the personal credit report information contained in the letter we sent, feel free to contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.

I have questions about Payment History decline reasons like past due payments, low average payments, etc.

If your letter says:

What that means

What you can do

This Capital One account was recently past due. You recently either missed a payment or made a late payment on your account. Generally, we don’t approve credit line increase requests on accounts that have missed or made a late payment in the last 12 months. The longer your account was past due, the longer you need to wait to be eligible to receive a credit line increase. Maintaining a history of paying on time and paying substantially more than your monthly minimum due may improve your chances of getting a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.
One or more of your Capital One accounts previously charged off. Charge off means that your account is permanently closed, but that you still owe the debt, and that Collections activity could continue. The longer your account was past due, the longer you need to wait to be eligible to receive a credit line increase. Generally customers with an account that charged off are not eligible for up to 12 months from when the account charged off. Maintaining a history of paying on time and paying substantially more than your monthly minimum due may improve your chances of getting a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.
One of your Capital One accounts was recently 60 or more days past due. The longer your account was past due, the longer you need to wait to be eligible to receive a credit line increase. Once you’ve been 60 or more days past due on any of your accounts, you will need to rebuild your credit history with consistent, on time payments for up to 12 months to be considered for a credit line increase. Maintaining a history of paying on time and paying substantially more than your monthly minimum due may improve your chances of getting a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.
Your average monthly payment has been too low. You’re carrying a balance and not making large enough monthly payments to qualify for a credit line increase. Both the payment history and the amount of your payments help us to determine if your account qualifies for a credit line increase. Generally, accounts are excluded until they make 3 months of payments that are substantially larger than the minimum payment. Maintaining a history of paying on time and paying substantially more than your monthly minimum due may improve your chances of getting a credit line increase. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. Use CreditWise ® from Capital One to help monitor your credit score.

I have questions about Credit Bureau decline reasons like high financial obligations, credit score, etc.

If you have questions about the personal credit report information contained in the letter we sent, feel free to contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.

If your letter says:

What that means

What you can do

The credit reporting agency has reported a recent credit delinquency. Your credit report shows you’ve recently paid one or more creditors late. Generally, we don’t approve requests for credit line increases on accounts that have had late payments in the last 12 months. Make sure you’re paying all of your creditors on time. If you have questions about what’s on your credit bureau report, contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.
Revolving account balance(s) are too high in relation to your income and credit score. Please see the back of this letter for more details on the determining factors that affect your credit score. When we review requests for credit line increases, we look at income and expenses in relation to your credit score. Your revolving account balance(s), as reported by the credit bureaus, are too high in relation to your income and credit score. We regularly review accounts, make sure we have your most up-to-date income and employment info.

Your financial obligations reported to us by the credit reporting agency are too high. Based on information reported to us by the credit bureaus, you have a high total balance on revolving accounts. Revolving accounts typically include credit cards. Generally, we don’t approve credit line increase requests for customers that have high balances on revolving accounts. We regularly review accounts, make sure we have your most up-to-date income and employment info.

If you have questions about the personal credit report information contained in the letter we sent, feel free to contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.

Your current credit score is too low. Please see the back of this letter for determining factors. Based on the information reported to us by the credit bureaus, your current credit score is too low to qualify for a credit line increase upon request. The back of the letter we sent you shows the key factors, according to the credit bureau, that negatively affected your credit score. If you have questions about the personal credit report information contained in the letter we sent, feel free to contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.
Based on the amount of your current credit line(s) with Capital One, your credit score isn’t high enough to qualify for an increase. Please see the back of this letter for more details on the determining factors that affect your credit score. A key to getting a credit line increase can be your credit score. The higher your credit line is, the higher your score needs to be to qualify for more credit. If you have questions about the personal credit report information contained in the letter we sent, feel free to contact the four bureaus: Equifax ® , Experian ® , Innovis ® , and Transunion ® LLC. You can also use CreditWise ® from Capital One to help monitor your credit score.
Despite our attempt to reach you, we have been unable to resolve a consumer alert you placed for access to your credit bureau report.. You’ve requested that a fraud alert be placed on your credit report. Once that fraud alert is in place, we can’t process your request for a credit line increase until we’re absolutely sure you are the one requesting it. We’re required by law to contact you at the address or phone number you provided on your fraud alert. Unfortunately, we haven’t been able to reach you. For security reasons, we can’t leave a message for you to call us back – we have to contact you directly. You may want to check with the credit bureaus to make sure they have your most recent contact info. Once the bureaus have had time to update your info, you can request a credit limit increase again by visiting www.capitalone.com. We’ll gladly review your account again to see if you’re eligible, and try reaching out to you again to verify your identity.

I have questions about account characteristics decline reasons like how long my account’s been open, etc.

If your letter says:

What that means

What you can do

Your Capital One account is too new. To determine if an account qualifies for more credit we need a customer to have a history of making on-time payments for at least 3 months. Request a credit line increase after your account has been open for at least three months. As you set up your account, be sure to sign up for AutoPay and customized alerts to help you keep payments on time every time. You can also use CreditWise ® from Capital One to help monitor your credit score.
This account has not had enough recent payments to establish a recent payment history. When we review requests for credit line increases, one of the things we look at is the payment history of your account. If you regularly use your card and make payments on time, it builds your account’s payment history. If not, we don’t have a history to review. We assess this to determine if an account qualifies. If you plan to use your card more, make sure you use your card responsibly. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. You can also use CreditWise ® from Capital One to help monitor your credit score.
Recent usage of this account’s existing credit line has been too low. In general, customers who are most often approved for credit line increases tend to use more of their credit line, either by spending and paying off the card each month or by keeping a balance on the account and paying it over a period of time. If you plan to use your card more, make sure you use your card responsibly. Add AutoPay and customized alerts to help you make more than your minimum payment on time each month. You can also use CreditWise ® from Capital One to help monitor your credit score.
There has recently been a change to the credit line on this account. We generally don’t change an account’s credit line more often than every six months. Please wait six months after your last credit line change and then check back with us regarding a credit line increase.
An address on your account is outside of the 50 United States, Washington, D.C., or a U.S. military location. Capital One does not provide credit line increases upon request to customers with an address outside of the 50 United States or Washington D.C. We do, however, consider accounts for credit line increases if your primary mailing address is a U.S. military address. If your address isn’t up to date, please update your current address in our system.
You have the highest line of credit that our current policy allows. We have maximum credit line caps in place that take into account the credit limits on all the lines of credit you have open with Capital One. We’re working hard to update our credit line increase policy and things may change in the future, so please check back with us again. We regularly review accounts, so if your employment status or income change, be sure we have your updated information.
Credit line increases are not available upon request for this type of account. Unfortunately, your account is not currently eligible for a credit line increase upon request. We’re working hard to update our credit line increase policy and things may change in the future, so please check back with us again. We regularly review accounts, so if your employment status or income change, be sure we have your updated information.
You’ve reported this Capital One credit card lost or stolen. For your protection, Capital One won’t approve a request for a credit line increase while your credit card is reported as lost or stolen. Once you get your new card, please wait at least five business days before you request a credit line increase again. Our systems need time to process your information. When you’re ready, you can request a credit line increase online by choosing the “Request Credit Line Increase” link from the Services tab. If you haven’t enrolled in online account servicing yet, just click the “Enroll Here” link on our homepage near the sign in area.
A fraud alert internal to Capital One was on this account at the time of your request. Please call customer service for more information about the fraud alert on your Capital One account. When you requested a credit line increase, there was fraud suspected or confirmed on your account. This doesn’t necessarily mean fraud occurred on your account. For your protection, Capital One won’t approve a request for a credit line increase while there’s a pending fraud investigation on the account. If you have any questions or concerns about your account, we’re always here to help. Feel free to call us anytime on the number on the back of your card. We’re available 24/7.

CreditWise availability will vary depending on ability to obtain your credit history from TransUnion®.




SOURCE: http://www.capitalone.com/credit-cards/credit-line-increase/

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